Recession or not, COVID-19 and other black swan events have proved that companies must ensure their organization can effectively operate during uncertain times. Executives from JPMorgan Chase & Co., Walmart Inc., and United Airlines have become vocal about their economic concerns for 2023. A consensus from prominent U.S. company executives is that they are slowing hiring and capital investments and lowering spending to align with decreased consumer spending caused by inflation. Planning for times of economic downturn positions your company to best navigate fluctuating business cycles. So, managing costs and leveraging efficiencies within your organization is a critical component. Where can you better align work and resources to reduce costs? How can process improvements and automation yield efficiencies? 

Leveraging technology to improve performance and business processes helps your organization become faster, more agile, and more efficient. As companies look to “do more with less,” technology has a major role. Business leaders may be hesitant in today’s environment to further investments due to cost restraints, implementation hurdles, and an unclear understanding of the return on investment (ROI). However, technology systems and software are critical enablers to an effective shared services model and yield increased business efficiency and potential savings opportunities. Whether your goals are non-labor-related savings, competitive intelligence, headcount reduction or skill redeployment, improved service levels or controls, or scalable operations, leveraging the right technology with a clear deployment and adoption plan is key to maximizing your ROI.